Toronto Renters Forum

General => General Discussion => Topic started by: Richard on January 16, 2024, 10:18:22 pm

Title: What Toronto’s proposed property tax increase means for renters
Post by: Richard on January 16, 2024, 10:18:22 pm

Saw this on CityTV News:

What Toronto’s proposed property tax increase means for renters (https://toronto.citynews.ca/2024/01/16/what-torontos-proposed-property-tax-increase-means-for-renters/)

Title: Re: What Toronto’s proposed property tax increase means for renters
Post by: Richard on January 29, 2024, 09:08:39 pm

** BIG NEWS **

Mayor Olivia Chow has indicated that she is going to keep the Toronto property tax increase for multi-residential dwellings (apartment buildings) capped at 3.75%, which means that landlords will not be able to apply for Above Guideline Rent Increases to recoup the tax increase cost.

Here's an article from the Toronto Star (https://www.thestar.com/) about her decision:
   Mayor Olivia Chow to soften tax blow for renters in 2024 budget (https://www.thestar.com/news/gta/mayor-olivia-chow-to-soften-tax-blow-for-renters-in-2024-budget/article_26b177ac-bed2-11ee-9995-63b0e63a451f.html)

This is terrific news for the nearly 50% of Toronto residents who are renters, because it means we will be spared huge rent increases this year.

(Just to be clear, the "Guideline Rent Increase Amount" is going to be 2.5% for 2025, which is high, but this news from our Mayor means that the rent increase won't be higher, which it would have been if the tax increase was above 3.75%.)